solsarin

the complate explain

what is your current ctc?

What is your current CTC?

What is your current CTC?

Hey guys! Today we want to talk about “What is your current CTC?”  in solsarin. So, stay with us until the end of the text. Here we go!

What is your current CTC?
What is your current CTC?

What is your current CTC?

The evasive question all job hunters in India face a lot. It easily qualifies for the most unnecessary question that is usually asked up even before the interview process begins.

We all are aware how flawed the recruitment process is but it gets worse when the HR confidently asks the job hunters to share the salary slips/bank statements with them. Can we for one moment press upon the concept of ‘Privacy’ and ‘Confidentiality’. The bank statement/salary slips are highly confidential information that no one should claim to have the access to. But here in India, I have come to realise that most of the HRs don’t respect this position.

Widely this process of sharing such sensitive information is termed ‘Company Policy’ but in grand scheme of things it is just unfair negotiation.

Isn’t it ridiculous when employers insist on knowing a candidate’s salary history? It’s alright to discuss the expectations, as long as there is a two-way disclosure (employers and the job hunter’s) but it’s highly inappropriate to ask the job hunters to disclose their sensitive information.

Let’s first understand the meaning of the term COMPENSATION. 

In the rush to negotiate the best deal possible, job hunters every day forget what they’re negotiating for. You’re not negotiating money. You’re negotiating the price of freedom to do the job without distraction.

The money and benefits a company bestows on you in exchange for your services should completely free you from worry about the demands of your personal life so that you can devote your time to, and focus your energy on, the work the employer needs you to do. Literally speaking, a good job offer should “relieve pressure or stress” associated with any aspect of your life that might distract you from the job.

It matters that you’re earning what you’re worth and that you’re earning all you can. But, a good job offer starts with a company taking care of your needs so you can take care of its needs. That’s the foundation of a good deal. And that’s why it’s called compensation.

What is your current CTC?
What is your current CTC?

What is CTC SSM?

KUALA LUMPUR (Bernama): The Companies Commission of Malaysia (SSM) said all certified true copy (CTC) documents issued through its online system are valid and certified like the documents stored in SSM register. For further inquiries on SSM products, members of the public can contact

What is a CTC copy?

A certified copy is a copy (often a photocopy) of a primary document that has on it an endorsement or certificate that is a true copy of the primary document. You may either obtain a certified true copy document from your previous school or institution.

What is meant by Current CTC in job application?

CTC means “Cost To Company”.

What should I provide as my Current CTC (cost to company) to a Company where I am going to work?

I am going to join a new company, so I wanted to give my CTC1 details to them. In my current company I am getting a salary of sum of Basic & Variable pay, where variable pay depends on how many hours I effectively worked for the company.

Until 2 months ago, I had been getting almost the full amount of variable salary, since we had a lot of projects. Now condition have changed, and only 2 or 3 projects are running, and I’ve been getting much less variable pay for the last 2 months.

Suppose this example:

Monthly Salary details:
Basic Pay: 1500
Variable pay : 8000 for 166 hours per month
For an hour : 48.17

Total salary : 15000 + 8000 = 23000
For a year : 23000 * 12 = 2,76000

Total salary without Variable : 15000
For a year : 15000 * 12 = 1,80000

At a condition I worked less [suppose 83 hours]

Variable Pay : 4000
Total salary : 15000 + 4000 = 19000
For a year : 23000 * 12 = 2,28000

So which one should I provide to them? Also I have to provide my last 3 months of pay slips to them.

1Cost to Company is a term used in India to indicate the total cost of an employee to the company including things like salary, taxes, bonuses, and other benefits.

What is your current CTC?
What is your current CTC?

What is the meaning of current CTC?

CTC means Cost To Company. In general term we call it package. Current CTC means your current yearly cost to company. This includes your in-hand salary + PF deduction + TDS deduction + Any other allowance and deduction company providing/deducting from salary. ( Different company have different structure)

What is your CTC full form?

CTC or cost to the company is the amount of money spent by the employer to hire a new employee. It comprises of several components such as HRA, medical insurance, provident fund, etc. All these elements combined form the entire cost to the company. …

How is CTC calculated in salary?

CTC = Earnings + Deductions Here, Earnings = Basic Salary + Dearness Allowance + House Rent Allowance + Conveyance Allowance + Medical Allowance + Special Allowance.

What does monthly CTC mean?

• CTC: Refers to the total cost that an organisation is spending on an employee, including your monthly CTC (basic salary plus allowances and company contribution) and a guaranteed 13th cheque.

How to answer your expected CTC in an interview

When you prepare for an interview, it is prudent to understand how to answer your expected CTC. It is also beneficial for you to research the company, its vision, products, services, prospects and employee testimonials. A company may choose a candidate who gives them a favourable CTC expectation over another candidate with the same qualifications and skills. Like you prepare for the technical aspects of an interview, you can also prepare to answer questions related to your CTC. Here are some important steps on how to answer your expected CTC:

1. Understand the components of CTC

The CTC is a company’s total expenditure on an employee, including monetary and non-monetary expenses. Basic salary, allowances and deductibles are the three major components of CTC. Basic pay is normally not more than 40% of CTC. Allowances and deductibles may vary based on the type of company, their internal policies and company size. Knowing more about the different components of CTC can help you negotiate a better deal during an interview situation.

Other allowances and deductibles of CTC are:

  • house rent allowance

  • dearness allowance

  • medical allowance

  • entertainment allowance

  • conveyance allowance

  • provident fund contributions

  • professional tax

  • income tax

 

2. Perform research on salary trends

Salary trends are normally uniform and there may be some variations based on the location and size of the company. You can research current salaries on job search sites. Factor in the experience, skill level, working conditions, risks, travel requirements, benefits and perks that you may get from a competitor company. Some agencies list salary guides and salary surveys for various roles in multiple industries. You can research these to get an idea about current CTC trends.

 

What is your current CTC?
What is your current CTC?

3. Mention a salary range

After screening, if a company calls you for an interview, it implies that they are willing to consider paying you more than your current CTC or matching it. If the question of expected CTC comes up, indicate a range that you are comfortable with, based on your previous research on salaries and your current salary. Consider the allowances and benefits and the components that are added to your take home salary before indicating your expected salary range.

For example, if your research shows that the average salary for your role is ₹6,00,000 per year, you can mention higher amounts as expected CTC. Alternatively, you can also add about 15% to 20% to your current CTC and mention a range. Mentioning a range shows your flexibility and willingness to go forward with the interview. If you are filling an online application, include the word ‘negotiable’ at some point in the notes, even if you choose a figure or range from a drop-down list.

What is the Difference Between CTC and Take home Salary

At the outset you can be thrilled that your cost to company in your appointment letter is a very decent sum. But, after a month when you receive your first salary, you are a little disappointed as the sum credit into your account or the sum received through cheque is not a decent one as expected by you.

What is CTC meaning in Salary and how is Basic Pay Calculated?

Are you wondering what is CTC meaning in salary and how is basic pay calculated? Don’t worry, understanding CTC isn’t rocket science. We have simplied the explanation so that you can have a clear understanding of CTC.

Organizations today don’t just pay salaries; they have created a new notion known as CTC which consists of various components. Employers’ services to their employees have become rather amazing and motivating as a result of this approach. Moreover, understanding all of the components of employees is a little difficult, but organizations are required to invest in all of them.

 

Employee Provident Fund

EPF is a retirement savings plan that allows you to build wealth while working for a private or government firm. This money pays interest and can be used to fund a portion of your post-retirement life or other objectives. Contribution to your EPF needs to be made by both you and your employer, under this scheme. The total is put into the Employee Provident Fund Organization’s account (EPFO). And on this sum placed with EPFO; you continue to earn a certain rate of interest each year.

According to the law, the EPF deduction must be 12 percent of your basic pay. For the first three years, if you are a woman, you just have to contribute 8% of your basic pay. You can claim the entire sum at the time of retirement or two months after changing your job.

 

Random Posts

related posts

No more posts to show
how do veterinarians contribute to society x read more about